SBI Funds Management slips 3% on debut, worth over ₹1.24L/cr
Business
SBI Funds Management's shares slipped 3% to ₹590 in early Wednesday trading, following a debut at ₹613.30, just above the IPO price of ₹574, but missing the bigger premium some had hoped for.
The company wrapped up its first day valued at over ₹1.24 lakh crore.
SBI Funds IPO nearly 42x oversubscribed
Analysts are still bullish, with Emkay Global calling it a "Buy" and setting a target of ₹750 (that's about 31% higher).
The IPO itself was a hit, oversubscribed nearly 42 times, showing huge interest in SBI Funds's future as one of India's top mutual fund players, backed by SBI's brand equity and distribution network.